Balmoral Resources (BAR.TO) has now been able to confirm the width of its Bug South gold project on the Martiniere project is increasing pretty quickly after having encountered long and/or high grade gold intervals during its ongoing summer drill program on the property.
Four of the drill holes were aiming to intersect the Upper Bug zone 50-100 meters below the previously intersected gold zones at Martiniere, and these four holes have now increased the size of the mineralized envelope. Martiniere now contains three near-surface gold deposits, and according to CEO Darin Wagner, all three gold zones remain open for expansion. The company has been working with two drill rigs and dozens of other holes have been completed as well with 27 meters containing 4.51 g/t gold (in a newly discovered zone) and 25.3 meters containing 1.15 g/t in the Upper Bug zone.
We are expecting Balmoral Resources to publish more assay results in the next few weeks (the assay results for 42 additional holes are still pending).
Meanwhile, Balmoral received the final C$2.5M cash payment from Wallbridge Mining (WM.TO) last month, and has now completed the sale of the Fenelon gold property for a total consideration of C$3.5M in cash, almost 2.4 million shares of Wallbridge (valued at C$120,000) and a 1% NSR.
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